The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has cautioned Nigerians to be vigilant against fraudulent online platforms and “too-good-to-be-true” investment schemes that continue to defraud unsuspecting citizens.
Speaking on Channels Television’s Business Morning on Tuesday, Agama stressed that the Federal Government does not want Nigerians losing their hard-earned money to dubious operators.
“If it is too good to be true, then it is certainly not true. We must be very cautious. Registration is the hallmark of regulation, and Nigerians must always verify that any investment firm is licensed by the SEC not just registered with the Corporate Affairs Commission,” he said.
The SEC boss explained that while the CAC registers businesses, only the SEC issues licenses to operate within Nigeria’s capital market. He urged the public to be wary of firms promising outrageous returns, describing such offers as “clear signs of fraud.”
According to Agama, the SEC has issued over 85 notices and advisories in recent months to alert Nigerians on fraudulent schemes, ranging from real estate scams to online Ponzi operations.
Quoting Section 3(a) of the Investment and Securities Act No. 2, 2025, he emphasized that the SEC remains the sole regulator of Nigeria’s capital market and has the mandate to protect investors. He encouraged Nigerians to contact the Commission’s offices in Abuja, Lagos, Kano, and Port Harcourt for clarifications, adding that digitisation is underway to launch an SEC mobile app for public enquiries.
In March, the Economic and Financial Crimes Commission (EFCC) also raised alarm over 58 unlicensed Ponzi scheme operators, some of which have already been prosecuted. Five companies have been convicted, while others are facing trial.
Among those flagged by the EFCC are:
Wales Kingdom Capital
Bethseida Group of Companies
AQM Capital Limited
Titan Multibusiness Investment Limited
Brickwall Global Investment Limited
Farmforte Limited & Agro Partnership Tech
Oxford International Group
Chinmark Homes & Shelters Limited
Ovaioza Farm Produce Storage Limited
Crowdyvest Limited, among several others.
Both the SEC and EFCC advised Nigerians to always verify investment opportunities before committing funds, stressing that legitimate firms must be registered and licensed to operate within the capital market.